Hewlett-Packard on Thursday announced plans to buy back up to $4 billion of its stock to "offset dilution from the issuance of shares under employee benefit plans." The announcement comes a week after the company reported better-than-expected financial results.

Stock repurchases typically help bolster a company's stock price. Shares of HP on Thursday went up more than 1 percent to $26.90 on the New York Stock Exchange. In the last nine months ending July 31, HP bought back $2.1 billion of its shares. An additional $800 million are still expected to be repurchased under a previous program approved in September 2004.